The 2025 Utah Deal Flow Report | A Look at Utah’s Business Economy with MWCN

The Best of The Winners' Circle | A Compilation of Utah's Top Founders

Cheri and Jason look back on their conversations with nine of Utah's most remarkable businesses and their founders to look at the question that kept coming up across every conversation this past year: what makes Utah a good place to build a business? As they reflect on each founder's answers and thoughts, they share the moments that show what it takes to build a truly remarkable business. The range of companies in this episode is wide, but the thread running through every story is remarkably consistent. Community, humility, and staying in the arena even when you have no idea how it's going to work out. This is a masterclass in what it actually takes, told by the people who lived it. What You’ll Learn: * The data behind Utah's deal ecosystem and what makes it more sustainable than Silicon Valley * Why the Nectar founders turned down an investor  * How Bobby Clayson lost his seat at TaxBit and what he learned * The "work begets work" philosophy that drives Nectar's growth * Why Cory Bengtzen built SkyShare for 17 years without outside investment  * Why Mary Crafts still believes her best decade is still ahead * Why Frazil's flywheel keeps spinning faster  * What Scott Porter learned about building a business around human connection Guests featured in this episode: * Trevor Larson – CEO & Co-Founder, Nectar [https://podcasts.apple.com/us/podcast/turning-employee-experience-into-growth-the-founding/id1818372923?i=1000747165922]  * Andrew Hollis – Co-Founder & Head of Growth, Nectar [https://podcasts.apple.com/us/podcast/turning-employee-experience-into-growth-the-founding/id1818372923?i=1000747165922]  * Bobby Clayson – Co-Founder, TaxBit and Founder, Crofter Market [https://podcasts.apple.com/us/podcast/leading-through-hypergrowth-to-reinvention-crofter/id1818372923?i=1000751732717] * Matt Bartholomew – Principal, CliftonLarsonAllen [https://podcasts.apple.com/us/podcast/the-2025-utah-deal-flow-report-a-look-at-utahs/id1818372923?i=1000768900466] * Kyle Freebairn – CEO, Frazil  [https://podcasts.apple.com/us/podcast/turning-slush-into-scale-inside-the-frazil-growth/id1818372923?i=1000760440023] * Sam Owens – CMO & Co-Founder, Frazil [https://podcasts.apple.com/us/podcast/turning-slush-into-scale-inside-the-frazil-growth/id1818372923?i=1000760440023] * Scott Porter – Founder, San Diablo Artisan Churros [https://podcasts.apple.com/us/podcast/the-journey-from-idea-to-impact-how-scott-porter/id1818372923?i=1000745276783] * Cory Bengtzen – Founder & CEO, SkyShare  [https://podcasts.apple.com/us/podcast/turning-private-aviation-into-a-growth-engine/id1818372923?i=1000749419640] * Dr. Stephen Neeleman – Founder, HealthEquity [https://podcasts.apple.com/us/podcast/healthequity-and-the-future-of-healthcare/id1818372923?i=1000766601414] * Bud Scruggs – Co-Founder, The Cynosure Group  [https://podcasts.apple.com/us/podcast/the-cynosure-story-inside-cynosures-success-strategy/id1818372923?i=1000763230531] * Mary Crafts – CEO, Founder, Entrepreneur, Motivational Speaker, Author [https://podcasts.apple.com/us/podcast/the-woman-who-refused-to-quit-building-a/id1818372923?i=1000757473629] Want to Connect? Cheri@MWCN.org zachary.reed@pwc.com Meet the dedicated members of our podcast committee who curate content, organize interviews, and ensure the success of The MountainWest Capital Network Podcast “Welcome to the Winners’ Circle.”  Cheri Waldron, MWCN Executive Director Jason Roberts, MWCN President and Managing Director, Protiviti Kevin Jessop, MWCN Podcast Vice-Chair and Chief Marketing Officer, IMA Garit Lawson, MWCN Podcast Chair, Managing Director, Forbes Partners Zachary Reed, MWCN Podcast Producer, Senior Associate, PwC LLP Katie Brown, MWCN Business Operations Specialist Amanda Wallman, Alpine Edge Marketing The LaunchPod Media Team The views expressed in this program are for informational purposes only and do not constitute investment advice. Any references to specific investments or outcomes are illustrative and not indicative of overall performance. Past performance is not indicative of future results. Investing involves risk, including loss of principal.

The 2025 Utah Deal Flow Report | A Look at Utah’s Business Economy with MWCN

Utah's deal landscape is more complex, more competitive, and more geographically diverse than ever before. This episode pulls back the curtain on how it all gets measured.  Jason and Cheri sit down with three members of the MountainWest Capital Network community to walk through the findings of the 2025 Deal Flow Report, now in its 31st edition. Kady Reese, Matt Bartholomew, and Kevin Jessop break down what actually moved capital in Utah last year and where momentum is heading in 2026. The group gives a behind-the-scenes look at how the report is created, and how it has evolved from its humble 1996 origins. This episode highlights what makes Utah's ecosystem distinctly different from Silicon Valley and other major markets. Whether you're an entrepreneur, investor, or simply curious about the forces shaping Utah's economy, this conversation offers a ground-level view of the state's deal-making engine. What You’ll Learn: * What the Utah Deal Flow Report is and how it's put together  * How the report has evolved since 1996 from a pamphlet into a comprehensive annual publication * What drove Utah's strong 2025 deal volume, which matched the record highs of 2021 * How private equity is expanding beyond tech into blue-collar sectors  * Why Utah County's deal volume is now rivaling Salt Lake County for the first time * How Utah's deal ecosystem compares to Silicon Valley and the broader U.S. economy * Who actually uses the Deal Flow Report and why  * What the Capital Providers section of the report is and why it was added Connect with Kady Reese, Matt Bartholomew, and Kevin Jessop: * Kady Reese on LinkedIn: https://www.linkedin.com/in/kady-reese-a6899918/ [https://www.linkedin.com/in/kady-reese-a6899918/] * Matt Bartholemew on LinkedIn: https://www.linkedin.com/in/matt-bartholomew-70726b2/ [https://www.linkedin.com/in/matt-bartholomew-70726b2/] * Kevin Jessop on LinkedIn: https://www.linkedin.com/in/kevinjessop/ [https://www.linkedin.com/in/kevinjessop/] Want to Connect? Cheri@MWCN.org zachary.reed@pwc.com Meet the dedicated members of our podcast committee who curate content, organize interviews, and ensure the success of The MountainWest Capital Network Podcast “Welcome to the Winners’ Circle.”  Cheri Waldron, MWCN Executive Director Jason Roberts, MWCN President and Managing Director, Protiviti Kevin Jessop, MWCN Podcast Vice-Chair and Chief Marketing Officer, IMA Garit Lawson, MWCN Podcast Chair, Managing Director, Forbes Partners Zachary Reed, MWCN Podcast Producer, Senior Associate, PwC LLP Katie Brown, MWCN Business Operations Specialist Amanda Wallman, Alpine Edge Marketing The LaunchPod Media Team The views expressed in this program are for informational purposes only and do not constitute investment advice. Any references to specific investments or outcomes are illustrative and not indicative of overall performance. Past performance is not indicative of future results. Investing involves risk, including loss of principal.

HealthEquity and the Future of Healthcare | Dr. Stephen Neeleman’s Insights on HSAs

We all need healthcare, but not all of us understand the ins and outs of the business behind it. Today’s episode breaks down HSAs, the healthcare business, and how individuals can build long-term financial health through healthcare at every stage of life. Jason and Cheri sit down with Dr. Stephen Neeleman, founder and vice chairman of HealthEquity, to explore the story behind one of the nation’s most impactful healthcare financial platforms. Dr. Neeleman shares the core principles that have guided both his career and his company’s growth. At the heart of their conversation is a clear mission: to help people take control of their healthcare through financial tools that create long-term security. Dr. Neeleman breaks down the evolution of HealthEquity and the innovation required to stay competitive. He reflects on personal experiences, entrepreneurial lessons, and the importance of building a culture rooted in purpose, service, and continuous improvement.  What You’ll Learn: * How health savings accounts (HSAs) work and why they matter for long-term financial health * The connection between healthcare decisions and personal financial responsibility * Practical ways individuals can use HSAs at different stages of life * What it takes to grow a business without losing its core purpose * The importance of having a “why” in both business and leadership * Insights into the future of healthcare finance and consumer-driven healthcare * Leadership principles that foster strong company culture and long-term success * Advice for entrepreneurs looking to build impactful, purpose-driven companies Connect with HealthEquity and Stephen Neeleman: * HealthEquity’s Website: https://www.healthequity.com/ [https://www.healthequity.com/] * HealthEquity on LinkedIn: https://www.linkedin.com/company/healthequity/ [https://www.linkedin.com/company/healthequity/] * HealthEquity on Instagram: https://www.instagram.com/healthequity/ [https://www.instagram.com/healthequity/] * Stephen Neeleman on LinkedIn: https://www.linkedin.com/in/steve-neeleman-19b0315/ [https://www.linkedin.com/in/steve-neeleman-19b0315/] Want to Connect? Cheri@MWCN.org zachary.reed@pwc.com Meet the dedicated members of our podcast committee who curate content, organize interviews, and ensure the success of The MountainWest Capital Network Podcast “Welcome to the Winners’ Circle.”  Cheri Waldron, MWCN Executive Director Jason Roberts, MWCN President and Managing Director, Protiviti Kevin Jessop, MWCN Podcast Vice-Chair and Chief Marketing Officer, IMA Garit Lawson, MWCN Podcast Chair, Managing Director, Forbes Partners Zachary Reed, MWCN Podcast Producer, Senior Associate, PwC LLP Katie Brown, MWCN Business Operations Specialist The LaunchPod Media Team The views expressed in this program are for informational purposes only and do not constitute investment advice. Any references to specific investments or outcomes are illustrative and not indicative of overall performance. Past performance is not indicative of future results. Investing involves risk, including loss of principal.

The Cynosure Story | Inside Cynosure’s Success Strategy with Bud Scruggs

It takes more than ideas to build a long-lasting business. And Bud Scruggs from Cynosure has a clear perspective on what it takes. This week, Jason and Cheri sit down with Bud Scruggs, the co-founder of The Cynosure Group, to discuss what it’s like to navigate a complex, growing business in the Utah business landscape. Bud shares what he has learned from his decades of experience in high-stakes business decisions, offering a behind-the-scenes look at what it really takes to grow and sustain a successful investment platform in a competitive, evolving market. Bud dives into the philosophy behind Cynosure’s approach to private equity, credit, and capital management, emphasizing the importance of alignment, transparency, and doing difficult things the right way. To him, business is all about culture, long-term thinking, and building trusted partnerships that stand the test of time.  What You’ll Learn: * The fundamentals of private equity and credit investing * Why alignment between investors, operators, and partners is critical * The role of discipline and patience in making high-stakes business decisions * The importance of company culture when growing a high-performing team * The value of resilience and adaptability when facing challenges in business * What it really takes to build trust with investors and stakeholders * How long-term thinking can outperform short-term gains in business strategy Connect with Cynosure: * Cynosure’s Website: https://cynosuregroup.com/ [https://cynosuregroup.com/] * Cynosure on LinkedIn: https://www.linkedin.com/company/the-cynosure-group/ [https://www.linkedin.com/company/the-cynosure-group/] Want to Connect? Cheri@MWCN.org zachary.reed@pwc.com Meet the dedicated members of our podcast committee who curate content, organize interviews, and ensure the success of The MountainWest Capital Network Podcast “Welcome to the Winners’ Circle.”  Cheri Waldron, MWCN Executive Director Jason Roberts, MWCN President and Managing Director, Protiviti Kevin Jessop, MWCN Podcast Vice-Chair and Chief Marketing Officer, IMA Garit Lawson, MWCN Podcast Chair, Managing Director, Forbes Partners Zachary Reed, MWCN Podcast Producer, Senior Associate, PwC LLP Katie Brown, MWCN Business Operations Specialist The LaunchPod Media Team The views expressed in this program are for informational purposes only and do not constitute investment advice. Any references to specific investments or outcomes are illustrative and not indicative of overall performance. Past performance is not indicative of future results. Investing involves risk, including loss of principal.

Turning Slush into Scale | Inside the Frazil Growth Story with Kyle Freebairn and Sam Owens

How do you take a simple, fun product, and turn it into a large-scale beverage brand?  Jason and Cheri sit down with Kyle Freebairn and Sam Owens, the leadership team behind Frazil, one of the fastest-growing beverage brands in the country, to talk about what it actually takes to scale—operationally, culturally, commercially.  Frazil’s story shows how a simple idea can become a category leader when paired with a strong team, and the right product at the right time. They walk through the decisions that fueled Frazil’s growth, including the “Free Frazil Friday” campaign, and how certain risks helped drive awareness and demand for their company. Throughout their conversation, a consistent theme emerges: success isn’t about one big breakthrough; it’s compounding small, deliberate improvements while surrounding yourself with exceptional people.  What You’ll Learn: * How Frazil built a fully integrated business model and how it mattered for scale * Why hiring top-tier talent early can accelerate long-term success * The inside story on Free Frazil Friday and how it impacted momentum and brand awareness * How Utah’s business ecosystem played a direct role in Frazil’s growth * Why customer and retailer experience has been their sharpest competitive edge * How to build a brand that creates an emotional connection with customers * Lessons on mindset, resilience, and presence when building a business  * Which matters more: long-term vision vs short-term wins Connect with Kyle Freebairn and Sam Ownes: * Frazil on Instagram:https://www.instagram.com/frazil/ [https://www.instagram.com/frazil/]  * Frazil Website: https://frazil.com/frazil/ [https://frazil.com/frazil/] * Freezing Point LLC on LinkedIn: https://www.linkedin.com/company/frazil/ [https://www.linkedin.com/company/frazil/] * Kyle Freebairn on LinkedIn: https://www.linkedin.com/in/kyle-freebairn-4796933/ [https://www.linkedin.com/in/kyle-freebairn-4796933/] * Sam Owens on LinkedIn: https://www.linkedin.com/in/samuelgowens/ [https://www.linkedin.com/in/samuelgowens/] Want to Connect? Cheri@MWCN.org zachary.reed@pwc.com Meet the dedicated members of our podcast committee who curate content, organize interviews, and ensure the success of The MountainWest Capital Network Podcast “Welcome to the Winners’ Circle.”  Cheri Waldron, MWCN Executive Director Jason Roberts, MWCN President and Managing Director, Protiviti Kevin Jessop, MWCN Podcast Vice-Chair and Chief Marketing Officer, IMA Garit Lawson, MWCN Podcast Chair, Managing Director, Forbes Partners Zachary Reed, MWCN Podcast Producer, Senior Associate, PwC LLP Katie Brown, MWCN Business Operations Specialist The LaunchPod Media Team The views expressed in this program are for informational purposes only and do not constitute investment advice. Any references to specific investments or outcomes are illustrative and not indicative of overall performance. Past performance is not indicative of future results. Investing involves risk, including loss of principal.